Dec. 1 (Bloomberg) -- Royal Group of Cambodia Ltd., owner of the country’s biggest mobile-phone company, hired Standard Bank Group Ltd. and Australia & New Zealand Banking Group Ltd. to arrange a $421 million loan.
The 18-month bridging loan will help Phnom Penh-based Royal Group acquire the Cambodian wireless network operations of its partner, Millicom International Cellular SA, for $346 million. It will also be used to refinance debt of about $100 million, Royal Group Chief Financial Officer Mark Hanna said.
“For a local company to raise this much in this climate is quite incredible,” Hanna said in a phone interview from Phnom Penh. “There have only been three or four syndicated loans done in Cambodia and nothing of this magnitude.”
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